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frs101

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  • 1. FINANCIAL ACCOUNTING 3FRS 101 – PRESENTATION OF FINANCIAL STATEMENT PREPARED BY : HAZLINDA BINTI MABRUR FATIN AYUNI BINTI MD NOH
  • 2. PURPOSE OF FRS 101 (REVISED)O FRS 101 (revised) is a comprehensive guide that covers various aspects of preparing and presenting general purpose financial statement such as those incorporated in the annual reports.O The objectives- to ensure comparability with the entity’s financial statements of various periods and comparability with the financial statement of other entities.O To achieve this objective, FRS 101 sets out :o Overall requirements for the presentation of financial statemento Guideline for their structure; ando Minimum requirement for their contents.
  • 3. O Complete set of financial statement: Statement of financial position of the end of the reporting period; Statement of changes in equity: Statement of cash flows; Notes of financial statement; A statement of financial position at the beginning of the earliest comparative period when the entity makes retrospective adjustments to the items in the financial statements or reclassifies them.
  • 4. FAIR AND PRESENTATION AND COMPLAINCE WITH FRSsO Fair and presentation requires:a. The selecting and application of accounting standards in accordance with FRS 108 Accounting Policies, Changes in Accounting Estimates and Errors;b. The presentation of information in a manner that is relevant, reliable, comparable and understandable; andc. The disclosure of additional information where is lack of compliance with specific requirement of MASB standards.O Underlying Principlea. Going concern;b. Accrual basis of accounting;c. Materiality and aggregation; andd. Offsetting.
  • 5. STRUCTURE AND CONTENTO The financial statement must be clearly identified and distinguished from other information. The entity is required to disclose:I. Name of the reporting entityII. Whether the financial statement cover the individual entity or a group of entityIII. Reporting date or period covered by financial statementsIV. Presentation currencyV. The level of rounding used in presenting amount in the financial statements.
  • 6. STATEMENT OF FINANCIAL POSITIONO The entity must present the current and non-current assets and current and non-current liabilities as separate classification on the statement of financial position.O Current assets :O Current assets are important to businesses because they are the assets that are used to fund day-to-day operations and pay ongoing expenses.O Non-current assets :O Non-current asset is any asset with a long-term useful life that a company uses to make its products or provide its services.O Current liability :O A company’s debts or obligations those are due within one year.O Non-current liability :O Are liabilities that represent money the entity owes one year or more in the future.
  • 7. STATEMENT OF COMPREHENSIVE INCOMEO THIS STATEMENT COMPRISES TWO SECTION :A) Profit or loss for the periodB) Other comprehensive income for the periodO Profit or loss for the period : A statement showing the revenues, expenses, and income of acorporation over some period of time.O Other comprehensive income for the period: Comprehensive income is the change in equity (net assets) of abusiness enterprise during a period from transactions and otherevents and circumstances from non-owner sources. The statementof comprehensive income illustrates the financial performance andresults of operations of a particular company or entity for a periodof time. Gains and losses, such as surplus on revaluation ofproperty, are disclosed in this part of the comprehensive incomestatement.
  • 8. STATEMENT OF CHANGES IN EQUITYO The profit and loss disclose the net changes to net assets that arise through operations.O The following item are presented on the face of the statement of changes in equity: Total comprehensive income for the period showing separately: Profit and loss Each item of other comprehensive income, and The total amount attributable to the owners of the parent and non-controlling interest. Effects of changes in accounting policies and correction of error For each component of equity the opening, increases or decrease during the period and the closing amount. Contributions and distributions from and to equity owners and changes in ownership interest in subsidiaries.
  • 9. STATEMENT OF CASH FLOWSO The statements of cash flow provides information as to the inflow and outflow of cash and cash equivalents from operating, investing and financing activities during the period.
  • 10. NOTES OF FINANCIAL STATEMENTO Notes to the financial statement should include information such as:a) Basic of preparation of the financial statement and specific accounting policies selected and adoptedb) Specific information required by financial reporting standards not presented on the face of financial statements; andc) Additional information that is not presented on the face of financial statement but is relevant to an of financial statements.O The notes may be presented in the following order:a. Statement of compliance with FRS.b. Statement of significant accounting policies applied.c. Supporting information for item in financial position, comprehensive income, cash flows and changes in equity.d. Contingent liabilities and unrecognized contractual commitments,e. Non-financial disclosures such as the entity’s financial risk management objectives and policies.

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